Business Directories

Arcapita withdraws PointPark London IPO

Manama, November 1, 2012

Bahraini investment firm Arcapita has withdrawn the planned London listing of its PointPark Properties (P3) unit after it failed to achieve a suitable valuation, a company spokeswoman told Reuters on Thursday.

The issue had been set to price on November 1.

"We can confirm that the initial public offering has been withdrawn," a spokeswoman for Arcapita said.

"Arcapita has determined that there is greater value in not pursuing an IPO ... Arcapita will continue to assess all options to optimise value for Arcapita and its shareholders."

Developer P3, which has 46 warehouse properties across Europe, had hoped to raise around 250 million pounds ($402.8 million) through the London initial public offering, which was announced last month. - Reuters